Subject: FW: Trump's Ideal Treasury Secretary? Pat Toomey.
From: "Wei, Shu-Yen" <[email-masked]>
To: Comm_D <[email-masked]>
Date: Wed, 18 May 2016 12:58:53 -0700

From: Preston Maddock [mailto:[email-masked]]
Sent: Wednesday, May 18, 2016 3:58 PM
To: Wei, Shu-Yen
Subject: Trump's Ideal Treasury Secretary? Pat Toomey.

FOR IMMEDIATE RELEASE

May 18, 2016

CONTACT: Preston Maddock, [email-masked]<mailto:[email-masked]>

TRUMP’S IDEAL TREASURY SECRETARY? PAT TOOMEY.

Toomey, Trump Call For Repeal of Wall Street Regulations

PENNSYLVANIA -- Donald Trump’s campaign has few actual policies, but some of the ones he’s articulated sound awfully similar<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a25/3182925306/VEsH/> to those of Senator Pat Toomey. This week, Trump  previewed a “policy” that would repeal Dodd-Frank<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a24/3182925306/VEsE/> -- a law that protects Americans from the excesses and abuses of Wall Street. It’s no surprise that the proposal is music to Toomey’s ears.

Wall Street’s own Senator has made repealing Dodd-Frank and deregulating the finance industry the focal point of his Senate tenure. “A disaster,” Toomey has called it -- a good reminder than Toomey will speak up for his banking bros, but literally goes into hiding<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a32/3182925306/VEsF/> when asked to denounce the vitriol of his Party’s presidential nominee.

“At the end of the day, Donald Trump and Pat Toomey have nearly identical views on the most important policy issues facing Pennsylvania families,” said Preston Maddock, spokesman for the Pennsylvania Democratic Party. “Both of them would take us back to a time when banks would make risky trades that could blow up the economy and leave taxpayers paying the tab. That may help Toomey’s and Trump’s friends on Wall Street, but it will never ‘Make America Great Again.’”

BACKGROUND:

TOOMEY OPPOSED WALL STREET REFORM, CALLING IT “A DISASTER,” WORKED TO REPEAL THE LAW…

Toomey Said “I Think Dodd-Frank Is A Disaster.” “‘I think Dodd-Frank is a disaster,’ he said in a phone interview, ‘but I know the Democrats will circle the wagon around it, so that's tilting at windmills. There were multiple sources for these various ideas, and it started to become clear that [around] helping small companies raise capital there was broad agreement.’ Dodd-Frank is the comprehensive financial reform and consumer protection law written in response to the 2008 economic crisis. Toomey and many Republicans have argued the oversights are excessive.”  [Allentown Morning Call, 3/9/12]

Toomey Said He Would Repeal Wall Street Reform. “He also said he would repeal the Dodd-Frank Act, which he said is causing problems for small community banks. Toomey said he had helped launch a community bank in the past and had served as co-chairman of the bank's board of directors. ‘I don't know how community banks will be able to continue, because of the cost of compliance’ with the Dodd-Frank Act and other government regulations, he said. The burdensome regulations force small banks to sell out to bigger ones, ‘so you lose that small-town ability to provide capital,’ he said.” [Towanda Daily Review, 8/30/13]

Pittsburgh Post-Gazette Editorial: “Worse, Mr. Toomey” Co-Sponsored “A Bill That Seeks To Repeal The Entire Wall Street Reform And Consumer Protection Act.” An October 2011 Pittsburgh Post-Gazette editorial said: “Worse, Mr. Toomey also is a co-sponsor of S. 746, a bill that seeks to repeal the entire Wall Street Reform and Consumer Protection Act.” [Pittsburgh Post-Gazette, Editorial, 10/6/11]

·  Toomey Co-Sponsored A Bill To Repeal Provisions Of The Dodd-Frank Wall Street Reform And Consumer Protection Act. In April 2011, Toomey co-sponsored: “A bill to repeal provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.” [CQ, Accessed 10/4/15<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a23/3182925306/VEsC/>; S.746, Co-Sponsored 4/6/11, Introduced 4/6/11<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a22/3182925306/VEsD/>]

Toomey Supported Repealing The Dodd-Frank Bill For Wall Street Reform. “RCP: Do you think Dodd-Frank ought to be repealed?  Toomey: Yes, absolutely. I think Dodd-Frank actually probably increases the risk of failure of the large financial institutions. I think it's enormously expensive and complicated. It's going to drive big and complex financial institutions to go offshore, overseas and run their business out of Europe or Asia. And the cost of compliance is going to be so onerous for the very small banks, which provide a huge, important amount of credit for small business, that I think they're going to be forced to consolidate.” [Real Clear Politics, 6/23/11<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a21/3182925306/VEsA/>]

Sen. Menendez Called Toomey A “Former Wall Street Executive Who Made His Money Trading Derivatives” And In The House He “Not Only Racked Up An Extreme Right-Wing Voting Record, But He Also Championed Freewheeling Wall Street Practices”“Sen. Robert Menendez of New Jersey, chairman of the Senate committee charged with electing Democrats, tags Toomey as ‘a former Wall Street executive who made his money trading derivatives’ after a House stint in which he ‘not only racked up an extreme right-wing voting record, but he also championed freewheeling Wall Street practices.’” [Associated Press, 7/19/10]

…AND REPEATEDLY VOTED TO DO SO

Toomey Voted For FY 2014 Ryan Budget. In March 2013, Toomey voted for: “Murray, D-Wash., amendment no. 433 that would replace the text of the resolution with language to provide $2.769 trillion in new budget authority in fiscal 2014, not including off-budget accounts. It would assume that the spending levels required by the sequester remain in place and that non-war discretionary spending for all future years will be at post-sequester levels. It would assume that all discretionary savings from the sequester beginning in fiscal 2014 will come from non-defense programs. It would assume $4.6 trillion in reductions over the next 10 years in both discretionary and mandatory spending. It would assume repeal of the 2010 health care overhaul and a restructuring of Medicare into a ‘premium support’ system beginning in 2024.” The amendment was rejected 40-59. [CQ, 3/21/13<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a20/3182925306/VEsB/>; S.Amdt. 433 to S.Con.Res. 8, Vote 46, 3/21/13<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a1f/3182925306/VEsO/>]

·  Seattle Post-Intelligencer: FY 2014 Ryan Budget Would “Roll Back 2010 Wall Street Reform Legislation.” “Ryan, chairman of the House Budget Committee, rolled out his new budget on Tuesday, a document reminiscent of his old budget that Democrats ran against in the 2012 election. It would partially privatize Medicare, slash Medicaid and food stamps by turning them into block grants, abolish the Affordable Care Act (‘Obamacare’), roll back the 2010 Wall Street reform legislation, and throw open federal lands in all places to all kinds of drilling and gouging proposed by Big Oil and Big Coal.” [Seattle Post-Intelligencer, 3/12/13<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a1e/3182925306/VEsP/>]

Toomey Voted For FY 2013 Ryan Budget. In May 2012, Toomey voted for a: “Conrad, D-N.D., motion to proceed to the concurrent resolution that would allow $2.794 trillion in new budget authority for fiscal 2013, not including off-budget accounts.” The motion failed 41-58. [CQ, 5/16/12<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a1d/3182925306/VEsHBQ/>, H.Con.Res. 112, Vote 98, 5/16/12<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a1c/3182925306/VEsHBA/>]

·  Washington Post’s Wonkblog: FY 2013 Ryan Budget Repealed Parts Of Dodd-Frank Without Proposing An Alternative, Would “Bring Us Back To The Pre-Dodd Frank Era.” “On financial regulation, Paul Ryan’s 2013 budget basically cuts-and-pastes its recommendations from last year: it wants to repeal parts of Dodd-Frank that give new power to federal regulators to break up big banks, arguing that the regulations actually make bailouts more likely, not less so. Ryan isn’t proposing an alternative, however, so his plan to repeal the government’s new ‘resolution authority:’ would bring us back to the pre-Dodd Frank era — which was also, of course, the era in which bank bailouts proved necessary.” [Washington Post, Wonkblog, 3/20/12<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a1b/3182925306/VEsHBw/>]

·  Los Angeles Times Editorial: Ryan Budget Would Repeal “New Federal Restrictions On Wall Street.” “For the second time in as many years, the House Republican leadership has put forward a deficit-cutting budget plan that's more of a political statement than a governing blueprint. The proposed budget for fiscal 2013 promotes a long list of conservative policies that are only tangentially related to the federal fisc — for example, repealing new federal restrictions on Wall Street and ending the moratorium on offshore oil drilling. Even the proposals that are purely fiscal in nature rely on changes in law that Senate Democrats won't support, such as repealing the 2010 healthcare reform law.” [Los Angeles Times, Editorial, 3/21/12<http://act.padems.com/page/m/5dcdb8ef/2d698ac4/3476b7c3/47506a1a/3182925306/VEsHBg/>]

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